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Results of structural survey and possible costs - any advice appreciated!
Hi
Apologies about the detail, I'm hoping that some experts here might have some experience of specific problems and so might be able to give me an idea of specific costs! We have had the results of a survey on a house, and I'm trying to figure out the costs that would be associated with the more urgent repairs (or any of the other costs if anyone who reads this is in the know!), plus see if anyone would have advice on how we should proceed. The background is... We offered and were accepted 12.5k below the asking price of a property (the local market has dropped over 5% in the last six months and we felt the house was extremely overvalued in the current unstable market, after research on similar properties in the immediate vicinity).The vendor has stated that they won't negotiate, even though our survey estimates the price we offered is still 3k over market value and has stated some work should be carried out before we complete. The more immediate recommendations we - Damp in several areas - under guarantee from 2001 (vendors) - Slight evidence of wall tie corrosion (due to black ash composition) - slight horizontal cracking - need specialist to check whether these need to be replaced (quite a tall Edwardian semi, may require scaffolding. Not sure of costs. - Roof original and missing quite a few (slipped) slates.Again might need scaffolding so not sure of costs) - Timber valley guttering - clearing/renewing or resealing on rear elevation, general overhaul for all house required. Some internal evidence of water staining to timber valley gutter. - Need drains specialist - partly blocked rear drain with no grate. Discussed with vendors who say it does wash away but we need to check this out as I believe if there's a problem it would be an expensive job! Less immediate stuff - Master bedroom ceiling bowed and cracked and will come down at some point, needs replacing/overboarding - is this expensive? - Other stuff that we can deal with in the longer term: Bricking up party wall gaps, deteriorating unused chimney stack,Undersized rear purlins (it is an old house!),Unsatisfactory triangulation of roof structure (ie bit of roof spread - again old house, unsurprised),cement torching on underslide of slates missing,defective flashing or pointing on 2 chimneys inside roof space,attic winder treads to be replaced. We've sold and will be exchanging with first time buyers (and hope to not go into rented) and we have already pulled on a previous house due to a very worrying survey and vendors again not wanting to negotiate. My negotiation skills are obviously not up to scratch, so any advice would be appreciated on costs OR negotiation!! Also, does anyone know of any reasonably priced experts/builders in South Yorks?! Tigs |
The vendor has stated that they won't negotiate, even though our survey
estimates the price we offered is still 3k over market value and has stated some work should be carried out before we complete. Walk away then, its would be daft imo to pay 3k over the market value and then pay for even more work to get it up to standard. Let them stew for a bit, they'll probably drop the price in the end. |
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On 4 Aug 2005 06:04:36 -0700, "Tigs"
wrote: The vendor has stated that they won't negotiate, even though our survey estimates the price we offered is still 3k over market value and has stated some work should be carried out before we complete. Surveyors invariably underestimate the value of houses somewhat. -- Peter Parry. http://www.wpp.ltd.uk/ |
"Séan Connolly" mrcATseanDASHconnollyDOTcoDOTuk wrote in message ... The vendor has stated that they won't negotiate, even though our survey estimates the price we offered is still 3k over market value and has stated some work should be carried out before we complete. Walk away then, its would be daft imo to pay 3k over the market value and then pay for even more work to get it up to standard. Let them stew for a bit, they'll probably drop the price in the end. Send 5 different surveyors, and you will get 5 different figures.... What is a market value anyway? Only what someone is prepared to pay. We can all look up the land registry for similar properties in the vicinity, which is exactly what this people do. My mate spent 4 years (Scotland) in the pub doing a geography degree. He then spend another year at university, and at the end of it was a qualified surveyor. A real expert... P.S.: I know, I know, as with any profession some of them are very good. However a professional who qualifies everything he/she says is no expert in my books... |
Tigs wrote:
- Damp in several areas - under guarantee from 2001 (vendors) What sort of damp? See recent thread (and others) about damp treatment guarantees! - Slight evidence of wall tie corrosion (due to black ash composition) - slight horizontal cracking - need specialist to check whether these need to be replaced (quite a tall Edwardian semi, may require scaffolding. Somebody correct me if I'm wrong, but did the Edwardians build houses with cavity walls? Or are there other applications for wall ties? David |
In article ,
Lobster writes: Somebody correct me if I'm wrong, but did the Edwardians build houses with cavity walls? Or are there other applications for wall ties? Even the Victorians did. They start in around 1880 I think, but only in wet windswept coastal areas initially. They gradually work their way across the country, and are probably in all the new housing stock around the 1930's. -- Andrew Gabriel |
Tigs wrote in message The background is... We offered and were accepted 12.5k below the asking price of a property The vendor has stated that they won't negotiate, - Damp in several areas - under guarantee from 2001 (vendors) - Slight evidence of wall tie corrosion (due to black ash composition) snip walk away from this one, there are more houses then buyers at this time. New C5 program "Want to be a property developer" Quote from **** "Its easy buying houses but can be problematic selling them" Wrong! - |
Send 5 different surveyors, and you will get 5 different figures.... What
is a market value anyway? Only what someone is prepared to pay. We can all look up the land registry for similar properties in the vicinity, which is exactly what this people do. Sure at the end of the day its worth what some is prepared to pay for it, it may be the perfect house/location so you go the extra inch. At the end of the day though won't the mortgage company only lend what they think its worth though ? |
Many thanks for your responses.
When it comes down to it the bank will loan us the needed cash, as long as we do the specialist investigations. I'm just trying to figure out costs, to see if its worth it. With Edwardian properties, I'd expect some of this work, its just there seems to be a lot of it for a property that was priced =A335k over what anything else was sold for on the street recently! I'll see what the specialists have to say... Cheers again, Tigs |
In message , Peter Parry
writes On 4 Aug 2005 06:04:36 -0700, "Tigs" wrote: The vendor has stated that they won't negotiate, even though our survey estimates the price we offered is still 3k over market value and has stated some work should be carried out before we complete. Surveyors invariably underestimate the value of houses somewhat. And over estimate the amount of work needed!! -- Richard Faulkner |
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